Lesley Curwen’s meticulous investigation into the possibility that the banks rigged the FX, commodity and other markets was broadcast on 23 September 2014. Although some of the practices are, as one trader put it, ‘just good housekeeping’ and are used by most traders. How ethical this is though, is open to debate.

Although the authorities have not finished their investigation, the most damning piece of evidence, Curwen uncovered was the fact that over several years in the fixing of the ISDA (International Swaps and Derivatives Association) Index, when banks are supposed to submit their swap own swap rates for the ISDA to come up with an overall rate, they all submitted the same rate!! The likelihood of this happening once is very unlikely, let alone for years.

This podcast is well worth listening to, click here.